For any transaction to happen smoothly between two people, there must be trust between the two parties involved. Trust is important when you’re exchanging goods or services with someone else.
If someone gullibly deposits your check without first verifying that it’s real, you could end up diverting your money to a thief! This article will show you how to verify a check before depositing it for safekeeping and avoid fraud in general.
Steps on How to Verify a Check Before Depositing
1. When Receiving Check
Before you deposit a check, know what it is for! If you receive a cashier’s check, the bank should have written exactly what it’s for and how you will use it on the front and back of the check.
If there are any unusual terms or conditions about when or how you will be using the check, get them in writing. If you’re not sure what the check is and why it was issued, get the details from your bank before depositing it.
2. Verify the Amount
When you receive a check, you should also verify the amount written on the front of it. This may sound funny because you already know how much money it is, but people can easily make mistakes when writing numbers! Make sure this number matches what you were expecting to receive.
3. Verify the Signature
Before you send money online through a reputable financial services company like Western Union, you should verify that the signature on the check matches with the signature of whoever you know who is supposed to have signed it. This will help ensure that someone didn’t steal the person’s identity and forge their signature!
If you think that the check was signed by someone who knows you well, such as a family member or close friend, look for one of your business cards or their signature next to the signature on the check. This can reduce the possibility of fraud.
4. Contact the Person Who You Received the Check From
If you don’t know who gave you the check, or if they are a stranger to you, contact them immediately and ask them to send a copy of their identification. This way, you can also confirm that they truly exist! If they are not able to send their ID right away, this is a big red flag.
5. Depositing the Check
When you deposit the check, make sure that you do this with a teller who will carefully scrutinize it. Tellers are trained to look at many things on checks, including signatures, errors on the check itself, and even the paper itself. They may also contact the bank that issued it and ask them about any history with the number.
6. Read the Check
Make sure you read the check you deposited. This will help you to make sure that it is not fraudulent in any way! If a check looks flawed, ask your teller or bank about the history of that specific check.
7. Report Fraud with Police
If you deposited a check from someone else and the bank informs you that it is fraudulent after you have already cashed it, call the police right away. This way, they will catch the person responsible, and you can also get your money back!
Conclusion
If you follow these steps, you’ll be able to verify your checks before depositing them. This will help to keep your money and identity safe!